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Digest (13 Dec 2021 - 19 Dec 2021)

 

Project Events

 

Polygon

 

Polygon launches bridge to Polkadot with Clover project.

 

Centrifuge

 

Crowdfunding wait list for Centrifuge project opened.

 

Tornado Cash

 

Tornado Cash introduced the updated Tornado Cash Nova pool. 

This pool will enable users to deposit and withdraw arbitrary amounts of ETH. Until now, all Tornado Cash pools had one thing in common: users could only deposit and withdraw a fixed amount of a given token within each pool. With the advent of the Nova pool, this restriction has been removed.

The new version will also include the ability to make secure transfers of deposited tokens while remaining within the pool. Previously, in order to transfer the storage of deposited funds, the tokens had to be withdrawn first. Now that's all about to change! Users will be able to transfer a selected number of their deposited tokens (not necessarily all of them) to another address without the need to withdraw them from the pool.

 

Polygon

 

Polygon acquired ZK-rollup startup.

 

Solana

 

Solana has undergone another DDoS attack, user funds are safe but the community is outraged that the project prioritizes attracting ignorant cryptocurrency investors over a good sustainable blockchain design. 

 

Keep3r

 

Keep3r announced the release of version 2 of the protocol, which implements the following updates:

• Credit time-based mining;
• Uniswap V3 pairs full-range liquidity management based on the Uniswap V3 TWAP price oracle, which makes it possible for anyone to create a full-range position on any Uniswap V3 pool and tokenize a full-range ERC721 position into ERC20 kLPs.

 

The project is also planning its launch on other blockchain networks.

 

Circle

 

Circle launches USDC on Avalanche to accelerate DeFi adoption.

 

Ribbon Finance

 

Ribbon Finance is also launching its protocol on the Avalanche network. The network is actively developing and competing for the top 10 with another blockchain project Terra (LUNA)

 

Bored Ape Yacht Club

 

Bored Ape Yacht Club game will launch in the second quarter due to a partnership with Animoca Brands.

 

AMM DEX Astroport

 

Meta AMM DEX Astroport built on Terra launched a 14-day liquidity lockdrop phase before launching its own token.

 

Tesla

 

Tesla will start selling goods for Dogecoin.

 

Highlights of the week

 

 

 

 

 

 

Events for the coming week

 

 

 

 

 

 

 

 

Funding

 

• San Francisco-based Initialized Capital Management has raised $700 million to invest crypto startups;
• Paradigm announced $35M series A strategic financing co-led by Jump Capital and Alameda Ventures;
• Trading platform Slingshot raises $15 million in a funding round led by Ribbit Capital;
• Trading platform DeFi raises $18.1 million in two funding rounds;
• 3D MMORPG game SOUNI raises $5M in seed round investment;
• Social meta-universe ecosystem Digital Village IO Inc. raised $2 million in a pre-seed round to create a better Internet.

 

Metrics

 

10 effective coins of the week

 

The evaluation combines altcoin price performance relative to bitcoin and social performance.

 

 

Grayscale fund portfolio dynamics

 

 

Bitcoin metrics

 

• Stock to flow

 

This model views bitcoin as a commodity comparable to commodities such as gold, silver or platinum. These commodities are known as "store-of-value commodities" because they retain their value over time due to their relative scarcity.

For commodities of value, such as gold, platinum, or silver, a high ratio indicates that they are not primarily consumed for industrial purposes. Instead, much of it is held as a cash hedge, resulting in a higher stock-to-flow ratio.

A higher ratio indicates that the commodity is becoming increasingly scarce and therefore more valuable as a store of value.

 

 

How do I look at the chart?

 

In the chart above, the price is overlaid on top of the stock-to-flow ratio line. We can see that the price continues to follow bitcoin's stock-to-flow ratio over time. Thus, the theory suggests that we can predict where the price might go by observing the projected stock-to-flow ratio line, which can be calculated as we know the approximate timeline for bitcoin production in the future.

The colored dots on the price line of this chart show the number of days until the next bitcoin halving event (sometimes called "halving"). It is an event in which the reward for mining new blocks is halved, meaning miners get 50% less bitcoins for checking transactions. 

 

• BTC Exchanges Reserves

 

The unrealized profit of BTC investors shows a strong divergence from the price, which might signal an impending rise in the market.  Coupled with a positive end to the Fed meeting, a further bullish trend could keep investors happy in the coming months.

 

Funding rates 

 

Positive funding rates imply that speculators are bullish and long traders are paying funds to short traders. 

Negative funding rates imply that speculators are bearish and short traders pay funds to long traders.

 

 

PS: Funding rates (0.01%) are black, a neutral situation. Funding rates (below 0.01%) are green, this is a bullish situation. Funding rates (above 0.01%) are red and this is a bearish situation. The stronger the bearish or bullish sentiment, the darker the color.

 

Off chain data